P&L

[PeterLe]

Hi
When I look at my monthly P&L compared with this time last year, I am earning much less.
I'm still doing OK and can't complain as this is a second income for me.
I tend to make the lion's share of my P&L from In running these days.

I just wondered, if my P&L is down, then it follows that someone else is growing theirs (good luck to you by the way).

Just curious really to see if it's just me or whether others are seeing something similar..

[jimrobo]

mines a bit more than marginally but not much less so I went for marginally!!

I see a lot of strange price action at the moment in the pre race markets. Its crazily manipulated. Its almost like the numbers you are seeing around the price and the matched volumes don't reflect the price action at all.

[mugsgame]

I voted about the same, this however does not take into account the advent of the higher PC. Which if taken into account means I have much less

I definitely have to work harder to maintain the status quo.

[LeTiss]

In 2011 I earned 11% less than 2010

In the first quarter of 2012, I'm down 3% on the first quarter of 2011

I'm still making a living from trading Peter, but I am concerned where this will all end. I'm 42 next week, the chances of me getting back into the real world and getting a decent job are very slim

[SpikeyBob]

I had a terrible start to the year and didn't make any money for 3 months. This last winter was the worst I've had (of 3) and I let it affect me by making lots of stupid and expensive mistakes.

It got to the point in March where I decided that I had to change something or give up trading altogether. Fortunately the change I made has made a massive difference and I'm currently enjoying the best results I've ever had. The last 2 months have been excellent with me only losing money on 1 day in that period with May already set to be my second best ever.

That said, my profits are way short of last year for the first 5 months due to the bad start, but hopefully I have turned a corner now and things will be more steady going forward.

I agree that the racing markets are so manipulated these days that the degree of difficulty has risen, especially over the last 12 months and the introduction of the new PC.

Cheers
SB

[freddy]

I voted margianlly less, but in the last six months i have had to radically changed my trading style,

i trade very long term now instead of just the last 10 mins before a race, it's far far easier that way imo .

[steven1976]

Im doing better than any time in the past but I dont see any future from doing it for a living for me. My reasons are the same as jimrobo stated above as I trade only prehorse racing. Its easy to make a few quid at the front of the queues if you believe and understand it is corrupt but you cant use any decent money, as thats all they are waiting for in the very short term.

"I see a lot of strange price action at the moment in the pre race markets. Its crazily manipulated. Its almost like the numbers you are seeing around the price and the matched volumes don't reflect the price action at all."

[Alpha322]

Im doing better than any time in the past but I dont see any future from doing it for a living for me. My reasons are the same as jimrobo stated above as I trade only prehorse racing. Its easy to make a few quid at the front of the queues if you believe and understand it is corrupt but you cant use any decent money, as thats all they are waiting for in the very short term.

"I see a lot of strange price action at the moment in the pre race markets. Its crazily manipulated. Its almost like the numbers you are seeing around the price and the matched volumes don't reflect the price action at all."

Yes it is tough, i must admit i am glad i dont do this for a living, i just want to make it tick over the Mortgage so my secure Salary grows in its place, great strategy, i feel sorry for those that are trying to or thinking about it. It is a hard game, i think the only way to make decent returns has to be in play but my take on that is you may aswell go back to the bookies

[superfrank]

For me it's mixed and difficult to say.

I feel I'm a better trader than at this time last year (when I was only recently properly profitable - making a reasonable f/t wage), but I think the markets are a bit poorer than a year ago (for my edges).

I've had a good month so far (making much more than May last year), but I had a lousy Jan and Apr so it's swings and roundabouts.

[PeterLe]

Thanks guys for the comments

By comparison my figures, Jan - April 2012 are up by 35.01% when compared with the same time in 2010...but down by a massive 58.51% when compared with this time last year.

I greatly exceeded my expectations last year as I know my P&L was due mainly to the XM implementation the previous November (?) I exploited that edge but sadly it didn't last long enough. I made more on betfair in 2011 (even after PC) than I did in my day job and I'm lucky to have a good salary, so it just goes to show what you can earn.

I feel a much better trader as each year goes by, but there is no doubt in my mind that you have to work hard at finding and exploiting edges. I stated Trading in April 2007 and things seemed so much easier then (I wish I had started earlier as I understand some made a lot in the early days, even doing simple things like bookmaking) . If I had just started trading now I'm not sure that I would have made it to be honest. Now that I have a sizeable bank behind me i try new things most days - to see what happens..its a bit like developing antibiotics, you always have to say one step in front.

Overall though; I am very happy with a growth of 35% and it's very encouraging to know that it is still possible to make some good money on here

Anyway good luck to all
regards
Peter

[Euler]

I'm down on Betfair on last year, but I have consciously started to avoid the weaker days and / or cards and have focused on replacing it with some automation. I loath paying Betfair so much commission and not getting any sort of reward for it. So I'm not going to service weaker markets and pay them to do it. When I turn up to do the better cards I'm more or less putting in the same results as before. Betdaq is the biggest growth area for me. Now I have spent enough time on it and understand it well now, I am pulling in very regular results and it's growing faster than anything else.

On a broad basis it would be surprising to see markets get easier with time. So I think that's an unrealistic expectation. The markets are always changing subtly so it always pays to be on your toes. Some days or weeks it favours some styles and vice versa.